LIC Bima Ratna Policy, whose table number is 864, launches on 27th May 2022. LIC is bringing this second money-back plan within the last six months. Earlier in December 2021, LIC had launched Dhan Rekha plan.
Actually, the term of policy in Dhan Rekha plan was very long, fulfilling this shortcoming brought to you, LIC Bima Ratna policy in which you will get your money back within 15 years.
Features of LIC Bima Ratna Policy
Its most prominent feature is a non-participating, limited premium, guaranteed additions money back plan. That means, in this policy, you will have to pay a premium for a short time, and you will get an attractive guarantee bonus and money-back.
LIC Bima Ratna policy is not market-linked, so there is no risk for you to invest in it.
The minimum Sum Assured of the LIC Bima Ratna Policy is Rs 5 lakh, and there is no limit on the maximum Sum Assured.
Policy Term in LIC Bima Ratna Policy
This plan will be available to you in 3 terms.
1- 15 years
2- 20 years
3- 25 years
Premium Paying Term
According to the policy term, its premium will also be payable for three modes.
A- If you choose a term of 15 years, you will have to pay a premium only for 11 years.
B- If you choose the option of 20 years, you will have to pay the premium for 16 years.
C- If you choose a term of 25 years, you will have to pay a premium for 21 years.
Minimum and Maximum Age
The minimum age for taking LIC Bima Ratna Policy is 90 days, i.e. three months, and the maximum age limit is 55 years.
When do you get the money back?
As you know, and it has been seen in the old plans of LIC, after getting the money back, the remaining money is available with a bonus on maturity.
Learn More : How to lic policy number check without any hassle ?
Similarly, 50 per cent of the sum assured will be available in the LIC bima ratan policy. Guaranteed Bonus and Balance Sum Assured will be available at the end of the policy term.